In the past year, Africa has experienced stronger economic headwinds than in recent times. Economic expansion this year is likely to be at its lowest in five years, dragged down by the impact of lower oil prices on the Nigerian and Angolan economies. As we see the tightening of budgets both within government and the … Read more
Introduction: In this currency status report, I will discuss the negative and positive factors that are currently impacting the Ghanaian economy in plain language devoid of economic jargon as much as possible. The Ghanaian economy, especially its Cedi, has come under renewed pressure over the last few weeks I the global currency markets. So lets … Read more
Details in a global leaked report have uncovered a total of $89 million of taxable money illegally stashed away in several HSBC private bank accounts in Switzerland by a number of wealthy Ghanaians between 1988 and 2006. The report ranks Ghana 106 among 203 countries with the largest dollar amounts in the leaked Swiss files … Read more
The amount of crude oil being stolen from Nigeria daily exceeds what Ghana produces in a day, the vice-presidential candidate of the All Progressives Congress (APC) claims. Ghana produces about 120, 000 barrels of oil per day and according to Professor Yemi Osinbajo, it is about four times what is stolen in West Africa’s populous … Read more
Mark Zuckerberg , the CEO of Facebook, has announced a partnership with Airtel which offers Facebook’s Internet.org app to Airtel customers across Africa. Facebook’s Internet.org app was launched out of the conviction that every person should have access to free basic internet services – tools for health, education, jobs, local information, and basic communication. Research … Read more
Ghana’s cedi and Zambia’s kwacha are set to end 2014 as the worst performing African currencies among a small basket that are relatively liquid, as falling commodity prices take a toll on some of the continent’s “lion” economies. The cedi has lost about 27 percent in 2014, one sign of a fiscal crisis in an … Read more
The Minority says it will reject the 17.5 per cent petroleum tax which government is threatening to pass under a certificate of urgency. The Minister of Finance Seth Terkper announced the newly proposed tax during his presentation of the 2015 Budget Statement Wednesday. The new tax, among other things, is to stabilise the petroleum and … Read more
For car enthusiasts, a trip to any auto show is like Christmas and Thanksgiving all wrapped in one big bundle and tied with a big red bow. Over the last 10 years, there has been a stronger push for more practical, eco-friendly and higher fuel efficiency cars with great aesthetics. Automakers are continuously pushing the … Read more
(Kpobiman, GNA) – Nii Tetteh Mensah II, Chief of Kpobiman, says chieftaincy should be used as a tool for attracting investors and mobilising local resources for development. He said social stability and peace would only prevail in communities if there was economic development and prosperity. Nii Tetteh Mensah was inaugurating a 46-seat toilet and bathroom … Read more
The Northern Command of the Customs Division of the Ghana Revenue Authority has confiscated 183 uncustomed vehicles. Most of the seized cars were bought by unsuspecting customers who did not authenticate the veracity of the documents of the car. The sector commander, Mr Kofi Toffah, made this known at a sensitisation workshop for a section … Read more
(Angola, Vanguardngr) Africa’s richest woman, Angolan Isabel dos Santos, is set to spread her banking empire into neigbouring Namibia, after a banking licence was approved by the country’s central bank. Bank of Namibia spokesperson Ndangi Katoma said the bank had granted provisional authorisation to Bank BIC Namibia Limited to conduct business as a banking institution … Read more
By Camillus Eboh (ABUJA,Reuters) – Nigeria expects economic growth for 2015 to reach 6.75 percent, an improvement on this year’s forecast of 6.2 percent, despite the risks posed by falling global oil prices to government revenues, its finance minister said on Tuesday. Ngozi Okonjo-Iweala said the volatility in the oil price over the past two … Read more
(Tema,GNA) – Vice President Kwesi Amissah-Arthur has assured local manufacturing firms of government’s continuous support in their bid to expand production. He said government would continue providing a conducive environment for manufacturing and trade as well as other economic activities to thrive. Vice President Amissah-Arthur gave the assurance at the inauguration of an expanded Production … Read more
The International Monetary Fund (IMF) says its country mission for Ghana will return next month for further consultations with Ghanaian officials over the West African country’s request for a bailout. It said the two sides had concluded successfully the second round of talks held on the tail of the Annual Meetings of the World Bank … Read more
As the Mahama administration dispatches Ghana’s negotiating team with the International Monetary Fund (IMF) to Washington in the United States for further talks on the financial bailout, the IMF says figures presented by the government are not accurate and that they have been grossly massaged. According to the IMF, it has detected disparities in statistical … Read more
President John Mahama, has held bilateral talks with some leading Dubai companies on the sidelines of the Africa Global Business Forum. They are the Dubai Ports Authority, Emirates National Oil Comapany and the Abu Dhabi National Energy Company, TAQA. Held behind closed door, a reliable source tells Radio Ghana’s correspondent at the forum that TAQA’s … Read more
Ghana President John Dramani Mahama said on Friday that a deal his country is hashing out with the International Monetary Fund could help it by improving its image with foreign investors. He said his economic team had come up with solutions the West African cocoa, gold and oil producer’s main economic issues: a yawning deficit, … Read more
The International Monetary Fund said Tuesday it was holding talks with government officials in Ghana on possible aid to surmount the African nation’s fiscal and economic challenges. A team will be in the capital Accra through September 25 for the discussions with Ghanaian authorities, who formally requested IMF assistance on August 8, the Washington-based global … Read more
Former President John Agyekum Kufuor has left Accra for Washington and New York to attend a United Nations (UN) Summit. He is expected to hold meetings with top officials of the World Bank and the UN, as well as address several high level forums. A Statement issued in Accra from the Office of the former … Read more
President John Dramani Mahama on Friday said Ghana and Turkey were leveraging their relations from diplomacy to trade and commerce that would have mutual benefits. He said apart from leveraging their trade relations from scratch to about $500 million now, Turkey had been instrumental in the provision of roads, potable water and the construction of … Read more